Flex Space
516 S 1ST Ave, Hillsboro, OR 97123
For Sale
$1,450,000
CommercialSale, Hillsboro, OR
Property Size5,255 SF
Lot Size0.22 Acres
Price / SF$275.93
Days on Market47
Property Features for 516 S 1ST Ave
General Information
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Zoning
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Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Building Details
Year built
Floors in Building
Building materials
Roof type
Listing Agency:
All Professionals Real Estate
(503) 259-2100
Listed By:
Eric Squires · License #201102006
(503) 807-3899
Added: Sep 23
Changed: Nov 5
Last Checked: Nov 8 at 6:06PM
MLS# 613404324
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 5,255-square-foot flex property at 516 S 1st Ave includes a block-built structure completed in 1975, with a membrane roof and approximately 0.22 acres of land. The I-G zoning supports industrial, office, and flex-space uses, with the property suited to both owner-user occupancy and multi-tenant operations.
The building is positioned near downtown Hillsboro, major arterial routes, and TriMet access. Its combination of flexible zoning, established construction, and accessible Hillsboro setting provides a practical base for a range of commercial users.
The building is positioned near downtown Hillsboro, major arterial routes, and TriMet access. Its combination of flexible zoning, established construction, and accessible Hillsboro setting provides a practical base for a range of commercial users.
Key Highlights
- 5,255‑square‑foot flex property on approximately 0.22 acres
- I‑G zoning supports industrial, office, and flex‑space uses
- Block construction completed in 1975
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,228
Cap Rate
3.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,084,560
$1.1M
Cap Rate 7%
$774,686
$774.7K
Cap Rate 9%
$602,533
$602.5K
Market Conditions
NOI Build-Up for 5,255 SF
Gross rent
$82.0K $15.60/SF
− Vacancy
−$4.5K −$0.86/SF
EGI
$77.5K $14.74/SF
− OpEx
−$23.2K −$4.42/SF
NOI
$54.2K $10.32/SF
Area
Hillsboro, OR
Vacancy
5.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,084,560
Cap Rate 7%
$774,686
Cap Rate 9%
$602,533
Alternative Uses
Best Use
Industrial
$774.7K
$677.9K – $903.8K
NOI $54,228 @ 7.0% cap · market cap 3.74%
Second Best
Flex RnD
$766.5K
$670.7K – $894.3K
NOI $53,655 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$1.41M
$1.23M – $1.65M
NOI $98,781 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,838
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 97123, OR
48,369
Population
17,685
Households
2.7
Avg Household Size
37
Median Age
36%
College-Educated
87%
High-School Grad
55.7 sq mi
ZIP Area
868
Density / Sq Mi
$105,999
Median Household Income
$50,578
Median Earnings
$1,814
Median Rent
$489,100
Median Home Value
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Market
Properties on Market for Flex space in Washington County
Vacancy Rate% for Industrial in West region
Frequently Asked Questions
What type of property is this?
Flex space - I-G zoning accommodates industrial, office, and flexible commercial applications.
Where is this flex space located?
The property is located at 516 S 1ST Ave Hillsboro, OR.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 5,255‑square‑foot flex property on approximately 0.22 acres; I‑G zoning supports industrial, office, and flex‑space uses; Block construction completed in 1975
